AGM Statement

Spirent Communications PLC

17 January 2025

 

SPIRENT COMMUNICATIONS PLC

Statement regarding shareholder vote on Directors' Remuneration Policy at 2024 AGM

London, UK, 17 January 2025: Spirent Communications plc ("the Company") (LSE: SPT), the leading provider of automated test and assurance solutions for next-generation devices and networks, would like to notify the market in accordance with the FRC's UK Corporate Governance Code:

''The Spirent Remuneration Committee was grateful to the shareholders who voted in favour of the new Directors' Remuneration Policy and for the adoption of the Spirent plc Long-Term Incentive Plan 2024, noting there was dissent in respect of these resolutions, although the resolutions were validly passed by the required majority.

During the Remuneration Policy engagement, the Committee consulted extensively with shareholders and many of the shareholders to whom we spoke understood the rationale for the proposed change.

We gave the undertaking that we had no intention to use the hybrid structure during 2024, and indeed the LTIP structure for 2024 was identical to that in 2023.

Given the substantial changes to the shareholder register, as a result of the proposed acquisition by Keysight, it has proved impractical to hold a consultation with shareholders since the AGM, and in fact many of the shareholders who did vote against the resolutions no longer appear on the current share register.

The Committee has started to consult with shareholders about the implementation of the Policy in 2025.''

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Enquiries

Steve Hornbuckle, Deputy Company Secretary

Spirent Communications plc [phone]

About Spirent Communications plc

Spirent Communications plc (LSE: SPT) is the leading global provider of automated test and assurance solutions for networks, cybersecurity and positioning. The Company provides innovative products, services and managed solutions that address the test, assurance and automation challenges of a new generation of technologies, including 5G, SD-WAN, Cloud, autonomous vehicles and beyond. From the lab to the real world, Spirent helps companies deliver on their promise to their customers of a new generation of connected devices and technologies. Further information about Spirent Communications plc can be found at https://corporate.spirent.com/.

Spirent Communications plc Ordinary Shares are traded on the London Stock Exchange (ticker: SPT; LEI: 213800HKCUNWP1916L38). The Company operates a Level 1 American Depositary Receipt (ADR) programme with each ADR representing four Spirent Communications plc Ordinary Shares. The ADRs trade in the US over-the-counter (OTC) market under the symbol SPMYY and the CUSIP number is 84856M209. Spirent ADRs are quoted on the Pink OTC Markets electronic quotation service which can be found at https://www.otcmarkets.com/marketplaces/otc-pink.

Spirent and the Spirent logo are trademarks or registered trademarks of Spirent Communications plc. All other trademarks or registered trademarks mentioned herein are held by their respective companies. All rights reserved.

Cautionary statement regarding forward-looking statements 

This document may contain forward-looking statements which are made in good faith and are based on current expectations or beliefs, as well as assumptions about future events. You can sometimes, but not always, identify these statements by the use of a date in the future or such words as "will", "anticipate", "estimate", "expect", "project", "intend", "plan", "should", "may", "assume" and other similar words. By their nature, forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to factors that could cause our actual results to differ materially from those expressed or implied by these statements. The Company undertakes no obligation to update any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise.

 

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